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Contemporary Mathematics for Business & Consumers 8th Edition by Robert Brechner,Geroge Bergeman
Edition 8ISBN: 978-1305585454Contemporary Mathematics for Business & Consumers 8th Edition by Robert Brechner,Geroge Bergeman
Edition 8ISBN: 978-1305585454 Exercise 97
Carolyn Salkind has a Bank of America revolving credit account with a 15% annual percentage rate. The finance charge is calculated by using the average daily balance method. The billing date is the first day of each month, and the billing cycle is the number of days in that month. During March, Carolyn's account showed the following activity.
a. What is the finance charge for March
b. What is Carolyn's new balance
a. What is the finance charge for March
b. What is Carolyn's new balance
Explanation
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Step 1 and 2: To calculate the daily bal...
Contemporary Mathematics for Business & Consumers 8th Edition by Robert Brechner,Geroge Bergeman
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